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Recordkeeping was last modified: June 22nd, 2021 by Overbeck CPA

Recordkeeping

Brought to you from the IRS, COVID Tax Tip 2021-89, June 22, 2021 The first step of good tax planning Good Recordkeeping Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify sources of income. Taxpayers may receive money or property from a variety of sources. The records can identify the sources of income and help separate business from...

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Choose The Right Accountant

With a good partner at your side, growing your business is easy. If you’re thinking about handling most accounting duties yourself – armed with only your favorite accounting software – you may want to think again. Hiring an accountant who is right for your business is one of the most important decisions you’ll make as a small business owner. It’s a choice that could make or break your business. A good accountant can help you navigate tax laws and provide sound advice to help you better manage and grow your business. Here are six steps to ensure you’ll find the best accountant to meet your...

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Year-End Tax Planning Tips

Income and Deductions December is the month to consider delaying or accelerating income and deductions, taking into consideration the impact on both this year’s taxes and next. Doing so may help you minimize your tax liability. If you expect to be in a lower tax bracket next year, you might want to postpone income from this year to next so that you will pay tax on it next year instead. At the same time, you may want to accelerate your deductions in order to pay less tax this year. To delay income to the following year, you might be able to: • Defer compensation from your employer •...

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